Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Korea Zinc Announces a Third Party Capital Raise of 2.9 Trillion Won & 11 Trillion Won US Investment

Korea Zinc – 3Q25 Review, TC/RC Upcycle, Rare-Metals Leverage & Governance Outlook

MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc - Another M&A Fight in March 2026?

Korea Zinc (010130 KS): TC/RC Recovery Sets Stage for Earnings Re-Rating

Equity Bottom-Up

<ul>
<li>US government–linked investment in a planned US smelter JV materially lifts Korea Zinc’s long-term strategic relevance and downside valuation floor, even though project cash flows are long-dated and execution-heavy.</li>
<li>Near–medium term earnings remain supported by zinc TC recovery, structurally higher rare-metals margins (led by antimony and germanium), and treasury-share cancellations, driving improved EPS visibility.</li>
<li>We raise our target price to ₩2.1m, reflecting partial governance-discount compression and a higher strategic multiple, while maintaining conservative assumptions on timing and returns.</li>
</ul>


US government–linked investment in a planned US smelter JV materially lifts Korea Zinc’s long-term strategic relevance and downside valuation floor, even though project cash flows are long-dated and execution-heavy.
Near–medium term earnings remain supported by zinc TC recovery, structurally higher rare-metals margins (led by antimony and germanium), and treasury-share cancellations, driving improved EPS visibility.
We raise our target price to ₩2.1m, reflecting partial governance-discount compression and a higher strategic multiple, while maintaining conservative assumptions on timing and returns.


Korea Zinc: US Government–Linked JV Raises Strategic Valuation Floor; TP to ₩2.1m